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Singapore's KrisEnergy buys Chevron in Cambodian oil block

KrisEnergy Ltd, Singapore-based upstream oil and gas company, has agreed to buy Chevron Corp's interest in Block A offshore Cambodia at a cost of 65 million USD.
KrisEnergy Ltd, Singapore-based upstream oil and gas company, has agreedto buy Chevron Corp's interest in Block A offshore Cambodia at a costof 65 million USD.

In a statement dated Aug. 11, KrisEnergy saidthat it plans to acquire the entire issued share capital of ChevronOverseas Petroleum (Cambodia) Ltd, a subsidiary of the global oilcompany, and to take over as the block's operator.

Once the dealis completed, KrisEnergy will increase its stake in Block A, located inthe Gulf of Thailand, to 52.25 percent from 25 percent.

The firmintended to work with the Cambodian authorities to agree the terms andconditions of the production licence before declaring a final investmentdecision.

KrisEnergy estimates the project will reserve about 5.4 million barrels of oil equivalent.VNA
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